FIRST GEN Corp. said it intends to complete two of its geothermal ventures in 2022 with a subsidiary of the Energy Development Corp. (EDC) that expresses its aim to grow into companies that supplement its generation activities.
First Gen said in its Annual Report that by the first quart of this year, EDC expects to start building a Mindanao 3,6-MW binary plant and to finish the project by the first half of 2022.
It added that by the second half of 2022, it expects to complete its binary plant of 28.9-MW ORC (organic classification cycle) inside the geothermal facility of Bac-Man. The binary plant at Palayan Bayan will generate electricity using residual salt from Bac-current Man’s steam sector.
First Gen also indicated in the regulatory submission that a pumped-storage facility will improve the ability of the current 132-MW hydroelectric power station Pantabangan-Masiway in Nueva Ecija by 100 MW is being built.
“With shifting water between Pantabangan reservoir and Masiway reservoir the facility is supposed to store and produce electricity at different levels,” the firm said.
The project also intends to enable “independently of irrigation requirements of the National Irrigation Administration” to operate during the year.
First Gen, which has licenses to build at least 4 hydroelectrical ventures, said he will improve his skills and start the development, with respect to the local market and regulations, of his 32 MW Bubunawan hydro power plant in Mindanao.
It also said that the Commission ‘anticipates playing an important role in developing downstream transmission and distribution systems for natural gas and other developments utilizing renewable energy sources.’
The business has further stated that it continues to pursue and evaluate growth opportunities in Indonesia, Chile, Peru and other Asia-Pacific and Latin American countries.
The power generation arm of the Lopez Group said last month that its net profits attributable to shareholders dropped 7 per cent to P13.7 billion last year, reflecting a fall in the revenue and income from its gas product portfolio.
At the end of 2019, its natural gas, geothermal, hydro-, wind- and solar portfolios had a combined installed power of 3.492 MW.